i am a salaried employee with a public sector undertaking.planning to buy a apartment of value around 25 lakhs.i have a saving of around 10 lakhs.i was planning to take a home loan for the rest amount, i discussed this with my relatives who said that i should not take loan but instead they are ready to give me money on interest free basis. i read about the gift tax and i am worried that if i take money from my relatives (my father-in-law and my brother-in-law(jija) to a tune of around 15 lakhs on interes free basis, it will attract gift tax on my side.please guide me about the provisions of gift tax and whether it is necessary for me to take home loan from banks or i can take money from my relatives (please define them) to finance the flat. what formalities have to be done while receiving the amount from my relatives to avoid gift tax.please reply early, it is urgent
